Federal Register / Vol. 72, No. 70 / Thursday, April 12, 2007 / Notices 18499 

6 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 4 17 CFR 240.19b–4(f)(6). 

5Telephone conversation between John Yetter, 

Vice President and Deputy General Counsel, 

Nasdaq, and Sara Gillis, Attorney, Division of 

Market Regulation, Commission, on April 5, 2007. 6See Securities Exchange Act Release No. 55576 

(April 3, 2007) (SR–NASDAQ–2007–026). 7 17 CFR 242.610(c)(2). 

8 15 U.S.C. 78f. 

9 15 U.S.C. 78f(b)(4). 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Room. Copies of such filing also will be 

available for inspection and copying at 

the principal office of the Exchange. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make publicly available. All 

submissions should refer to File 

Number SR–ISE–2007–18 and should be 

submitted on or before May 2, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–6870 Filed 4–11–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55588; File No. SR–

NASDAQ–2007–038] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

Nasdaq Market Center Fees 

April 5, 2007. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 3, 

2007, The NASDAQ Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’), filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been substantially prepared by Nasdaq. 

Nasdaq has designated the proposal as 

constituting a ‘‘non-controversial’’

proposed rule change under Section 

19(b)(3)(A) of the Act 3 and Rule 19b–

4(f)(6) thereunder,4 which renders the 

proposal effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Nasdaq proposes to modify the 

pricing for Nasdaq members using the 

Nasdaq Market Center. Nasdaq proposes 

to make the proposed rule change 

retroactively effective with respect to 

the Nasdaq Market Center’s invoices for 

executions of non-Nasdaq securities 

priced under $1 during the period from 

March 5, 2007 to March 21, 2007.5 The 

text of the proposed rule change is 

available at Nasdaq, on the Exchange’s 

Web site at http://www.nasdaq.com, and 

in the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Nasdaq included statements concerning 

the purpose of, and basis for, the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. Nasdaq has prepared 

summaries, set forth in Sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Nasdaq recently reduced its fee for 

executing orders in non-Nasdaq 

securities priced under $1 to 0.1% of 

the cost of the transaction, effective 

March 22, 2007, on an immediately 

effective basis; this is the same as the 

comparable fee for Nasdaq-listed 

securities that had previously been in 

effect.6 Prior to this change, the 

execution fee for non-Nasdaq securities 

priced under $1 had ranged from 

$0.0026 to $0.003 per share executed. 

Nasdaq notes, however, that Rule 

610(c)(2) of Regulation NMS 7 limits the 

fee on an execution of an order against 

a protected quotation, if the price of the 

protected quotation is less than $1, to 

0.3% of the quotation’s price per share. 

Accordingly, Nasdaq is proposing to 

reduce the execution fee for non-Nasdaq 

securities to 0.25% of the transaction 

cost for the period from March 5, 2007 

(the effective date of Rule 610) through 

March 21, 2007 (the day before the 

effectiveness of SR–NASDAQ–2007–

026). The change will result, in all 

circumstances, in a reduction of the 

execution fees previously payable with 

respect to orders in non-Nasdaq 

securities priced under $1. Nasdaq is 

not, however, proposing to modify the 

routing fees or liquidity provider rebates 

applicable to transactions in these 

securities during the same time period. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,8 in 

general, and with Section 6(b)(4) of the 

Act,9 in particular, in that it provides for 

the equitable allocation of reasonable 

dues, fees, and other charges among 

members and issuers and other persons 

using any facility or system which 

Nasdaq operates or controls. This 

change will reduce execution fees for 

trading non-Nasdaq securities at prices 

under $1 in a manner consistent with 

the requirements of Rule 610 of 

Regulation NMS. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Nasdaq does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the proposed rule change: (1) 

Does not significantly affect the 

protection of investors or the public 

interest; (2) does not impose any 

significant burden on competition; and 

(3) does not become operative for 30 

days after the date of the filing, or such 

shorter time as the Commission may 

designate if consistent with the 

protection of investors and the public 

interest, the proposed rule change has 

become effective pursuant to Section 


rmajette on PROD1PC67 with NOTICES
18500 Federal Register / Vol. 72, No. 70 / Thursday, April 12, 2007 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). As required by Rule 

19b–4(f)(6)(iii) under the Act, the Exchange also 

provided with the Commission with written notice 

of its intent to file the proposed rule change, along 

with a brief description and text of the proposed 

rule change, at least five business days prior to the 

date of the proposed rule change. 

12For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

13 17 CFR 242.610(c)(2). 14 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Amendment No. 1 replaced and superseded the 

original filing in its entirety. 

4See Securities Exchange Act Release No. 54992 

(December 21, 2006), 71 FR 78482 (‘‘Notice’’). 

19(b)(3)(A) of the Act 10 and Rule 19b–

4(f)(6) thereunder.11

The Exchange has asked the 

Commission to waive the 30-day 

operative delay and allow the proposed 

rule change to become operative 

immediately. The Commission hereby 

grants that request.12 The Commission 

believes that the Exchange’s proposal 

raises no regulatory issues, as the 

Exchange represents that proposed rule 

change will result in a retroactive 

reduction in fees for all executions in 

non-Nasdaq securities priced under $1 

from March 5, 2007 to March 21, 2007. 

Furthermore, this rule change will allow 

the Exchange to immediately comply 

with the requirements of Rule 610(c)(2) 

of Regulation NMS, which limits the fee 

on an execution of an order against a 

protected quotation, if the price of the 

protected quotation is less than $1, to 

0.3% of the quotation’s price per 

share.13 Therefore, the Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to 

rule-comments@sec.gov. Please include 

File Number SR–NASDAQ–2007–038 

on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2007–038. This 

file number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Room. Copies of such filing also will be 

available for inspection and copying at 

the principal office of Nasdaq. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–NASDAQ–2007–038 and 

should be submitted on or before May 

3, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–6879 Filed 4–11–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55585; File No. SR–NYSE–

2006–75] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Granting Approval to Proposed Rule 

Change as Modified by Amendment 

No. 1 Thereto To List and Trade Four 

iShares GS Commodity Indexed 

Trusts 

April 5, 2007. 

I. Introduction 

On September 22, 2006, the New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

list and trade under NYSE Rules 1300B, 

et seq. four iShares GS Commodity 

Indexed Trusts. The Exchange filed 

Amendment No. 1 to the proposed rule 

change on November 22, 2006.3 The 

proposed rule change, as amended, was 

published for comment in the Federal 

Register on December 29, 2006 for a 15- 

day comment period.4 The Commission 

received no comments on the proposed 

rule change. This order approves the 

proposed rule as modified by 

Amendment No. 1. 

II. Description 

The Exchange proposes to list and 

trade under NYSE Rules 1300B et seq. 

(‘‘Commodity Trust Shares’’) shares of 

the following (‘‘Shares’’): iShares GS 

Commodity Light Energy Indexed Trust; 

iShares GS Commodity Industrial 

Metals Indexed Trust; iShares GS 

Commodity Livestock Indexed Trust; 

and iShares GS Commodity Non Energy 

Indexed Trust (collectively, the 

‘‘Trusts’’). Each Trust is a Delaware 

statutory trust that will issue units of 

beneficial interest called Shares, 

representing fractional undivided 

beneficial interests in its net assets. 

Substantially all of the assets of each 

Trust consist of holdings of the limited 

liability company interests of a specified 

commodity pool (‘‘Investing Pool 

Interests’’), which are the only securities 

in which the Trust may invest. The 

Trusts and the Investing Pools are each 

commodity pools managed by a 

commodity pool operator registered as 


rmajette on PROD1PC67 with NOTICES